Chapter 2. Time Is Money

In the 1950s, kids didn't sit all day in front of a computer screen or a television set like so many do today. We spent our time outdoors playing ball, riding bikes, or building tree houses. On the corner, just a few steps down from my house, was a large empty lot where the neighborhood boys often gathered to play a game of baseball. It was a ragtag team, and I was one of the younger players. I dreamed of getting a good hit, running the bases, and gaining the respect of my elders. I remember standing at home plate, gripping the bat tightly in my sweaty hands, and waiting for the pitch. Even then, I was well aware of what I needed to do in order to score. I had to concentrate, keep my eyes on the ball, and swing at just the right second. Swing too early or too late and the chance for glory would be lost. Even though I rarely succeeded in my quest, I understood the importance of keeping the ball in focus and swinging at just the right time. For a ball player, timing is not everything, but it is one of the essential elements needed to get a good, solid hit. Timing is also important to trading.

When I placed my first trade nearly three decades ago, trading was also a far different game than it is today. I did not imagine then that in the twenty-first century I would be clicking a computer mouse and making money trading a European or Asian financial product while my neighbors were sleeping. I did not foresee the diverse new products like the equity indexes or ...

Get Trade to Win: Proven Strategies to Make Money now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.